Sunday, May 15, 2011

Trade Guideline For Monday (Nasdaq NQ)

Friday was a one-directional down trending day, closing at the low of the day. I will use 2382 as my key inflection point for Monday.
  • Above 2382 implies Friday's downtrend has ended and hence a larger pullback or reversal up is occurring, targeting 2392 then 2404.
  • Below 2382 implies downtrend is still in progress, targeting 2358, then 2340